We in Germany are of the opinion, and so am I personally, that the fiscal pact is not negotiable. It has been negotiated and has been signed by 25 countries. We are in the middle of a debate to which France, of course, under its new president will bring its own emphasis. But we are talking about two sides of the same coin.

– Angela Merkel

ITV News' Europe Editor James Mates reports on the day after the celebrations in France.

On Sunday, Mr Sarkozy conceded defeat shortly after the polls closed, telling supporters that "Francois Hollande is the president of France" and that he was "taking responsibility for the defeat".

Nicolas Sarkózy said that he accepted "responsibility for the defeat" Credit: AP Photo/Michel Euler

Hinting about his possible political future, he said he would become "a French among the French":

My place will no longer be the same. My involvement in the life of my country will now be different.

– Nicolas Sarkozy, outgoing French President

Supporters of the outgoing French president sobbed as Nicolas Sarkozy conceded defeat at the presidential elections.

A supporter of outgoing French President Nicolas Sarkozy's covers his face with the national flag Credit: AP Photo/Michel Euler